Monetary Policy
Jenkins on Canada in the global economy
In a speech on 'Canada in the global economy: A look back and a look forward' given on 13 January, Paul Jenkins of the Bank of Canada said the high price of oil poses a risk to the world's economic outlook, even though oil prices have moderated in the…
IMF's Krueger on reforming economies
In a speech on 'Shared experience: What reforming economies have in common' given on 14 January, Anne Krueger of the IMF said India should tread a cautious path as far as infrastructure spending is concerned, since too much spending can trigger high…
Philadelphia Fed Business Outlook Survey, Dec 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2004, activity in the region's manufacturing sector continues to grow. In this months survey the participants were asked about the impact of the weak dollar on…
Fed's Bernanke on productivity
In a speech on 'Productivity' given on 19 January, Ben Bernanke of the Federal Reserve said that there is an emerging consensus that productivity growth could remain at its current elevated level.
BoJ's Fukui says exchange rate movements unsteady
Bank of Japan Governor Toshihiko Fukui said Tuesday currency exchange rate movements have become unsteady, suggesting the possibility that Japanese monetary authorities may resume intervening in the currency market.
PBOC chief Zhou pledges on convertible yuan
China reaffirmed its commitment to allowing free movement of the yuan on the capital account, with PBOC chief Zhou Xiaochuan promising further steps this year.
Cleveland Fed says US trade gap may hit growth
The massive trade deficit in the United States will eventually be reversed and implies a weaker dollar and higher interest rates, a Cleveland Fed report said, warning this could quell growth unless US exports grow.
A higher yuan: When, not if
Sooner or later, China will have to hike its currency against the dollar, this article argues. The peg which keeps the yuan's value fixed against the greenback, has been the 'bete noire' of U.S. manufacturers, who complain that it gives Beijing an unfair…
Philadelphia Fed Business Review, 4th Quarter 2004
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Fourth Quarter 2004. In "Monetary Policy and Inflation Targeting in the United States," President Anthony Santomero returns to the topic of inflation targeting,…
BOTs Nijathaworn on regional financial cooperation
In a speech on 'Regional financial cooperation: Some thoughts on the way forward' given on 28 November, Bandid Nijathaworn of the Bank of Thailand said he is confident that we can move forward more rapidly in the direction that will be most beneficial to…
Slovak central bank warns on intervention
A senior official in Slovakia's central bank said on Monday 17 January that the bank was still prepared to intervene in the currency markets to weaken the crown.
Lithuania plans to adopt euro in 2007
The Central Bank of Lithuania on Tuesday 18 January announced its intention to replace its national currency, the litas, with the euro on Jan. 1, 2007, the Baltic news service (BNS) reported.
Buba's Stark says pact revamp may push up rates
Bundesbank Vice-President Juergen Stark said in an article that proposals to revamp European Union budget rules may lead to higher interest rates across the eurozone.
EU in disagreement over euro rules
Finance ministers from all 25 EU member states continued talks launched late Monday by ministers from the 12 euro nations on how best to revamp the Stability and Growth Pact.
ECB's Padoa-Schioppa to visit Stockholm
Tommaso Padoa-Schioppa, member of the Executive Board of the European Central Bank, will visit Stockholm on Thursday, 20 January at the invitation of the Sveriges Riksbank.
ECB annual quality report on euro area statistics
The European Central Bank on Friday 14 January published a document entitled "Euro area balance of payments and international investment position statistics - Annual quality report". The report includes quantitative indicators developed by a joint ECB …
PBOC to support corporate bond issues
The People's Bank of China will support more corporate bond issues to diversify risk and ease pressure on commercial banks, vice-governor Wu Xiaoling said.
Takanaka: BOJ, gov must work together on deflation
The Japanese government and central bank need to work together to end deflation, Economic and Fiscal Policy Minister Heizo Takenaka said on Monday 17 January after a cabinet meeting in Tokyo.
Boston Fed's Minehan warns of slow recovery
Cathy Minehan, president of the Federal Reserve Bank of Boston, said on Friday 14 January that businesses continue to hoard cash, making the current economic recovery among the weakest of the past half-century if measured by job growth.
Eichel says EU 3% deficit limit to stay in revamp
German Finance Minister Hans Eichel said on Monday 17 January that planned changes to European Union rules that limit budget deficits and debt levels in the euro region won't alter the two existing numerical thresholds.
ECB's Trichet on the euro; successes & challenges
In a speech on 'The euro; successes and challenges' given on 14 January at the Anglo-American Press Association in Paris, Jean-Claude Trichet of the ECB reiterated his view that "sharp" gains in the euro are "unwelcome and undesirable for economic growth…
ECB's biannual information on euro counterfeiting
The European Central Bank revealed on Thursday 13 January that in the second half of 2004, a total of 287,000 counterfeit euro banknotes were withdrawn from circulation, both in euro area and in non-euro area countries.
ECB decides on the design for its new premises
At Thursday's meeting, 13 January, the European Central Bank reached a decision on the design of the ECB's new premises in Frankfurt am Main, Germany. The Governing Council concluded that the revised design concept of COOP HIMMELB(L)AU best meets the…
Faster growth may lead to higher rates, says Weber
European Central Bank council member Axel Weber said that the central bank may have to increase interest rates if the eurozone economy expands more quickly than it expects.